500metrics

Treasury auctions · 5-Year TIPS

5-year TIPS auction of 23 April 2020 (new issue)

The 5-year TIPS sold $18.476 billion at a high real yield of -0.320% on , with a bid-to-cover ratio of 2.74.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 23 Oct 2007 to 23 Apr 2020
Real yield at each 5-year TIPS auction, 26 Apr 2010 to 23 Apr 2020
Real yield at each 5-year TIPS auction, 23 Aug 2018 to 23 Apr 2020

Bid-to-cover ratio at each 5-year TIPS auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 5-year TIPS auction, 23 Oct 2007 to 23 Apr 2020
Bid-to-cover ratio at each 5-year TIPS auction, 26 Apr 2010 to 23 Apr 2020
Bid-to-cover ratio at each 5-year TIPS auction, 23 Aug 2018 to 23 Apr 2020

Who bought the 5-year TIPS of 23 Apr 2020

Shares of the competitive bids accepted

  • Indirect bidders 82.7%
  • Direct bidders 3.0%
  • Primary dealers 14.3%
This auction, 23 Apr 2020
  • Indirect bidders 55.1%
  • Direct bidders 31.8%
  • Primary dealers 13.1%
The 5-year TIPS auction before, 19 Dec 2019

Each point is one 5-year TIPS auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders82.7%
Inspect and compare dates
Real yield and bid-to-cover of the last 36 5-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
-0.3202.74
0.0202.69
0.0542.75
0.1522.55
0.5152.50
1.1292.80
0.7242.78
0.6312.55
0.3702.78
0.1172.41
-0.0492.52
0.1202.68
-0.2092.37
-0.1952.42
0.4722.38
0.3052.58
-0.3352.27
0.3952.37
-0.2812.48
-0.2132.70
-0.3752.54
-0.1272.18
-1.3112.18
-1.4962.70
-1.2863.11
-1.0802.58
-0.8773.01
-0.8252.49
-0.1802.57
-0.5502.84
0.5503.15
0.7693.10
1.2782.66
3.2701.81
0.7452.20
1.9542.44

Observed .

Right now

The high real yield of -0.320% on 23 April 2020 was the lowest for a 5-year TIPS since 23 April 2015.

The indirect bidders' share of 82.7% was the highest of all 34 earlier 5-year TIPS auctions we hold.

The direct bidders' share of 3.0% was the lowest for a 5-year TIPS since 20 August 2015, with 14 auctions in between.

Higher than 9 of the 34 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the indirect bidders' share was higher than all 24.

The bid-to-cover ratio was higher than 19 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 82.7%
  • Direct bidders 3.0%
  • Primary dealers 14.3%

Size

Treasury sold $18.476 billion of the $17 billion offered.

Bids received came to $48.066 billion; the bid-to-cover ratio was 2.74.

Its bid-to-cover of 2.74 compares with the 24 auctions before it: lowest 2.18 on , highest 3.11 on ; 60.2% of the way from the low to the high.

2.74

Low 2.18 Midpoint 2.645 High 3.11

The security5-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in April 2025.

Understanding this result

Where it stands today

The high real yield was -0.320% at this 5-year TIPS auction, the median real yield -0.375% and a bid-to-cover ratio of 2.74.

What do these figures measure?

The high real yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The real par yield curve comparison sets the high yield against Treasury's own real par yield curve on the auction day, at the point nearest this security's maturity (5-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as5-Year, new issue
Offering amount$17,000,000,000
Bids received$48,065,526,000
Sold$18,476,364,300
Competitive bids accepted$16,924,858,300
Non-competitive bids accepted$75,153,900
Federal Reserve (SOMA) add-on$1,476,352,100
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.320
Median rate, %-0.375
Low rate, %-0.880
Interest rate (coupon), %0.125
Bids at the high rate filled, %61.18
Bid-to-cover ratio2.74
Indirect bidders accepted$13,999,858,300
Direct bidders accepted$510,000,000
Primary dealers accepted$2,415,000,000
Indirect bidders' share, % (ours)82.7
Direct bidders' share, % (ours)3.0
Primary dealers' share, % (ours)14.3
High minus median, basis points (ours)5.5
Treasury real par yield curve, 5-year point, same day, %-0.30
High yield minus that point, basis points (ours)-2.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.624 of 128 of 12
High real yield-0.3200.13612 of 120 of 12
Indirect bidders' share82.769.80 of 1212 of 12
Direct bidders' share3.011.312 of 120 of 12
Primary dealers' share14.316.48 of 124 of 12
High minus median, basis points5.54.63 of 129 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 5-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.74Last 24 auctions5 of 2419 of 242.54
Bid-to-cover ratio2.74Since 22 April 20089 of 3425 of 342.56
Bid-to-cover ratio2.74All 39 since 8 October 199711 of 3928 of 392.55
High real yield-0.320Last 24 auctions19 of 245 of 240.037
High real yield-0.320Since 22 April 200825 of 349 of 340.037
High real yield-0.320All 40 since 9 July 199731 of 409 of 400.136
Indirect bidders' share82.7Last 24 auctions0 of 2424 of 2463.6
Indirect bidders' share82.7All 34 since 22 April 20080 of 3434 of 3457.3
Direct bidders' share3.0Last 24 auctions23 of 241 of 248.5
Direct bidders' share3.0All 34 since 22 April 200829 of 345 of 348.3
Primary dealers' share14.3Last 24 auctions20 of 244 of 2424.1
Primary dealers' share14.3All 34 since 22 April 200830 of 344 of 3434.2
High minus median, basis points5.5Last 24 auctions10 of 2414 of 245.2
High minus median, basis points5.5Since 22 April 200817 of 3417 of 345.9
High minus median, basis points5.5All 40 since 9 July 199718 of 4022 of 405.2

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 23 April 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200423_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 23 April 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2020-04-23.

Page updated